re: Ann: Notice under Section 708A (5)(e) of ... Of course there is no insider trading in this case. The issued shares are part of a Subscription Agreement that goes back to the Rights Issue last August. The total shares offered weren't taken up by shareholders even though some applied , and received, more than their allotment. Three people agreed to subscribe for up to $1.7 million of shares. They took up the shortfall in the rights issue and the company has been fairly regularly issuing shares as needed under the agreement. I'm not sure what portion of the $1.7 million has been taken up but it is cash that the company needs to survive until some kind of cash flow from sales eventuates.
This is my understanding of the situation and I'm always ready to be corrected.
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- Ann: Notice under Section 708A (5)(e) of the Corp
Ann: Notice under Section 708A (5)(e) of the Corp, page-7
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